Vineyard National Bancorp (VNBC) Receives Letters From NASDAQ and AMEX Regarding Previously Announced Delay in 10-K Filing

April 7, 2008 2:56 PM EDT

Vineyard National Bancorp (NASDAQ: VNBC) announced today that on April 2, 2008, the Company received a NASDAQ Staff Determination letter notifying the Company that its failure to timely file its Annual Report on Form 10-K for the period ending December 31, 2007 (the "Form 10-K") constitutes a failure to satisfy the filing requirement for continued listing under NASDAQ Marketplace Rule 4310(c)(14) and, therefore, trading in the Company's securities is subject to suspension and delisting unless the Company requests an appeal of the determination. The Company intends to file an appeal and request a hearing before a NASDAQ Listing Qualifications Panel (the "Panel") to review the determination. The hearing request will stay the suspension of trading and delisting of the Company's securities on The NASDAQ Global Select Market pending the issuance of the Panel's decision. However, there can be no assurance that the Panel will reverse the NASDAQ Staff Determination at the appeal hearing. The Company's common stock is listed on The NASDAQ Global Select Market. [JT]

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